Intriguing news from around the globe

Daimler $78oM richer thanks to the sale of its Tesla stake

According to Reuters, electric car manufacturer Daimler AG had just announced last Tuesday that it stand to amass a hefty $780 million from selling its 4% shares on its rival Tesla Motors Inc.

Daimler Chief Financial Officer Bodo Uebber said in a statement that their company is enormously contented with the growth of their investment in Tesla, but it is not essential for their partnership and cooperation. This prompted Daimler AG to pounce on their shares.

The sale of Daimler’s shares in Tesla will give rise to cash windfall of approximately $780 million, bolstering revenues before interest and taxes by the same amount for this year 2014. The earnings gained from the sale of the shares will be utilized to augment the operational business of the company.

Daimler Chief Executive Dieter Zetsche quipped, the cooperation accord to provide Mercedes-Benz cars with Tesla battery technology will be untouched by the stake sale. Zetsche added, “Our partnership with Tesla is very successful and will be continued.”